Long Term Capital Gain used to repay Home Loan

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  1. Manash Majumder

    Manash Majumder New Member

    My cousin sold his residential property and the payment received is utilised for liquidation of HBL availed to purchase his other residential property which his is now residing. Whether he has to pay the capital gains tax of 20 % on the sale of property?
     
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    If the property in which he is residing for was purchased max 1 year before or max 2 years after the sale of the old property - then he can claim capital gains exemption.
     
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